Loan for international student on h1b with no co-signer

Question

What is the best place to apply for loan for MBA Part time program if you are on h1b if you do not have a us citizen co-signer?

skd043000 · Answer

I am also looking for same answer. Seems difficult to secure a student loan without a cosigner.

siddhans · Answer

Anyone??

scp · Answer

Hi did you every get a reply to that question of yours. How did you manage the loan?

bl13 · Answer

Curious about this as well. I'm on H-1b now but expect to switch to F-1 for school. Duke offers 8.25% rate for internationals without co-signer, but I wonder if it's possible to get better rates elsewhere.

BlueRobin · Answer

I "cant" say whether these are "the" best options, but I chose between

International Loans offered by Quorum, Chase, Citi, and SallieMae

All have their benefits

Quorum

Offers .50% rate reduction with US co-signer.
Offers .25% auto payment discount rate reduction.
Rate Floor 7% (interest rate)
Ceiling Rate 18%

However, I am assuming one needs to be eligible for quorum, i.e. university should have an arrangement with quorum.

The one thing I would advise is choose a loan program which allows you to repay after you find a job.

Quorum has a 6 month grace period after your graduation date, so you wont have to pay interest until after 6 months.

Regardless of all these loans, I would advice you NOT to go for high loans. If you can pay from your pocket, that's great or if you get a scholarship from abc university it is much better than going to top xyz university if you have to take a HUGE loan. That is just my opinion.

himym · Answer

what makes you say that ? The career prospects from a brand name MBA more than makes up for the higher tuition costs ? Or atleast thats what i thought ?

SpotlessMind · Answer

saw this page .. hope it helps.. source :https://www.mbacrystalball.com/blog/2013/02/18/non-cosigner-student-loans-mba/

Non cosigner students loans for international MBA

Written by Sameer Kamat
Post-recession, there has been a general perception that financial aid for international students, especially securing a non cosigner student loan (i.e an education loan that does not require a U.S. cosigner) is difficult to obtain. It is true that the economic slowdown coupled with the increase in the number of defaulters have been the contributing factors causing many credit lenders to withdraw their student loan programs without a U.S. co-signer.

However the good news is that in spite of this, the MBA loan scenario is not that bleak as there are a good number of colleges offering student loans without a U.S. co-signer. Here’s a list to get you started.

Non Cosigner Student loans for MBA

1. Johnson at Cornell University in partnership with QUORUM Federal Credit Union offers no co-signer loans to students enrolled in full-time two year MBA as well as the accelerated MBA program. The loan amount would cover the cost of tuition after deduction of scholarship amount if any.

2. The NYU Stern School of Business in association with The First Marblehead Corporation and Union Federal Savings Bank provide a no co-signer loan to eligible international candidates.

3. Duke Fuqua School of Business offers a no co-signer loan through Coastal Federal Credit Union with the current rate being 8.25%.

4. Haas School of Business provides loan assistance through the Eli Lilly Credit Union to international students without a U.S. co-signer.

5. At Wharton, students can take a loan to cover up to 80% of the total student budget which includes tuition and living expense. Wharton in collaboration with Quorum Federal Credit Union would be offering this no co-signer loan to international candidates starting in the fall 2013 semester.

6. Yale School of Management offers the Yale International Student Loan to all international students. This loan does not need a U.S. co-signer and covers the tuition and fees after deduction of scholarships. The interest rate is fixed at 7.75%.

7. The Darden School of Business and the Darden School Foundation have entered into a multiyear International Loan Program agreement with Discover to provide no co-signer international student loans beginning with the class of 2014. The maximum loan amount is fixed at $65, 000 per year.

8. UCLA Anderson has partnered with Eli Lilly Credit Union to provide no co-signer loans up to $85,000 per year.

9. International students admitted at UNC’s Kenan-Flagler Business School can borrow up to $50,000 per year through the Coastal Federal Credit Union without needing a co-signer.

10. At Olin business School, loan without a U.S. co-signer is being offered though the rates and terms for 2012-13 are yet to be announced. Last year the loan was available for the tuition amount after deducting scholarship at an interest rate of 10%.

11. Emory University’s Goizueta Business School offers its international MBA students Emory Alliance Credit Union Custom MBA Loan under which they can borrow a total of $84,000 for their MBA program.

12. Chicago Booth also provides multiple loan options without requiring a co-signer. Admitted students are able to access details regarding the same.

13. MIT Federal Credit Union provides loan assistance up to $170,000 for students enrolling at MIT Sloan program without the need for a co-borrower.

14. International students admitted at Ross School of Business can avail the RSB-UMCU (Ross School of Business-University of Michigan Credit Union) loan without the need for a co-signer.

15. At Tuck School of Business, numerous options are available for international students. The maximum loan amount is arrived at by doing a need-based analysis by the financial aid office.

The repayment term would vary for each school from a minimum of ten to up to twenty or twenty-five years.

Check with the college for the latest updates like any changes in the interest rates, loan amount or other loan-related aspect before applying for the loan as these tend to change each year.

Instead of just relying on information available on the web (including this list), it would be advisable to get all your queries answered by the financial aid office so that you have complete clarity and you can prepare your MBA financing roadmap accordingly.

ProdigyFinance · Answer

Hi all - I see most of these questions are from a couple years ago, but hopefully this response will be helpful for current incoming students:
I work for Prodigy Finance, and we offer loans to international students attending the FT top 100 ranked business schools, and we don't require a co-signer.
If you'd like to see the full list of schools we offer loans for, please check out: https://prodigyfinance.com/get_a_loan -- there, you can select your business school of interest from the dropdown list and view the loan terms for your specific school.

Hope this helps!

Cheers
Liz
- Prodigy Finance Team

AjayRk · Answer

Prodigy is useless! I am on H1B and got recently admitted at Ross, and prodigy declined my application as ineligible since I have been living in the US for 6 years.In spite of pointing that I am neither a permanent resident nor citizen, Prodigy simply didn't understand what an immigrant in the US means. If you are on H1, then look elsewhere. My search for a loan without a Co signer continues! !

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Posted from my mobile device

ProdigyFinance · Answer

Hi AjayRk
 
Thanks for raising this concern. This is definitely not an outcome that we take lightly. The main challenge that we set out to address in starting Prodigy back in 2008 was the difficulties traditional lenders have in working across borders. Credit is a highly regulated area and as an FCA authorised and UK-based lending company we have little room for discretion. That said we have managed to solve the regulatory challenges for the vast majority of our international student base (including many H1B visa holders in the USA). Unfortunately there are some cases which we are not yet able to solve. This is a tricky, technical area related to the classification of residence and length of stay in a country (and not just visa status). I can promise you that we are working hard to try to get a better result for the small number of students that are affected by this. And we will update individually as soon as this changes. I understand your frustration and hope that we will be in a position to assist at some point.
 
All the best,
Trevor (Prodigy Finance Head of Operations)

goucla · Answer

Has prodigy figured out the loan to people who are on H1b for more than 8 years but not a permanent resident yet. I am interested

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ProdigyFinance · Answer

Hi Goucla,
 
Thank you for your interest. Unfortunately no - we won’t be able to fund H1b visa holders who have been in the US for longer than 7 years. We will update individually as soon as this changes.

All the best, 
Trevor (Prodigy Finance Head of Operations)

rm2904 · Answer

Yes, you can easily get a student loan on H-1B. There is a new company called Stilt that is exclusively focused on lending to F-1, OPT, H-1B visa holders. Search for "stilt loans" on google. They'll be the first result.

I know 2 of my friends who took a loan from them. One for education of his spouse and the other one for his wedding in India. They were rejected by banks and other online lenders because of their visa status.

Moneyiseverything · Answer

Hi,
 Whats the difference in APR between prodigy and federal loan with a cosigner or without a cosigner? Can someone on H1B and waitlisted for PR act as cosigner?

PeggyFin · Answer

Hi Moneyiseverything,

Thanks for asking a great question.

Prodigy offers a no-cosigner loan while the domestic option may require a co-signer. Sometimes, co-signer loans have a lower rate of interest as they are guaranteed by the co-signer, but we recommend that students compare actual offers rather than advertised rates. Finally, the student should check with the specific bank on the co-signer requirements as often the bank requires that the co-signer is a PR or citizen with an established credit history as the loan is really being made based on the co-signers’ creditworthiness. The Prodigy offer is based on the individual student’s future potential, so no co-signer is required and the loan offer and rate are based on the student’s future creditworthiness.

I hope this answers your question.

Please let me know if I can hep you further,

The Prodigy Finance Team.

rohitkumar050684 · Answer

I too have heard not so good comments on prodigy. I talked to international students got have taken loans from Prodigy for doing their MBA in the United states. They all said that even though prodigy claims to lend upto 80% of the cost of attendance, that has never been the case. Unless you get admitted into a top 5 US b school. You will end up with half of what you ask for. This is what all those whom i talked to studying in schools ranked 20-30 said. All of them.

So, i am not sure if it makes much sense to use prodigy, unless you dont have any other choice.

So, i am not sure if it makes much sense to use prodigy, unless you dont have any other choice.

sabashahid · Answer

An Indian based isloans is good you should google them.

Sajjad1994 · Answer

How can GyanDhan help you?

GyanDhan facilitates you to avail education loans from various banks and NBFCs. GyanDhan has a tie-up with SBI that helps you save your time and effort by avoiding countless rounds of the bank for document submission and follow-ups. We offer free doorstep document pickup service and also assist in resolving the roadblocks in availing SBI education loans. Thus, GyanDhan provides the most stress-free way to get your education loan with an attractive interest rate starting at 10% (this rate is subject to change). Girls get an additional 0.5% rate discount. Further, our highly informative webinar, “Secrets of getting an education loan from SBI” will offer you insider tips to get your education loan from SBI.

For a detailed discussion about SBI education loan for your profile, check your loan eligibility or request a callback. Our team will call you back within 24 hours to better understand your situation and discuss your options at length.

All the best!

Aggarwalshipra · Answer

When a bank is looking for a cosigner, they want someone who is a permanent citizen of the country and probably won't leave the country.But by default the H-1B visa holders are neither permanent residents of the country nor they are green card holders.Therefore, the visa is valid only for a definite period of time and the individual will have to leave the country if they lose their jobs. That's why most banks don't consider student with h1b visa holding to have no co-signer. They have to have someone with holding a good credit score and permanent job to act as co-signer for the loan.

Loan for international student on h1b with no co-signer

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